550,000+ LOOKS just got added to the Treasury. And yes, there are more buybacks to follow.
TL;DR: we’ve got a lot of fee-generating products coming up. Most of those fees will be used to buy back LOOKS from the market.
🚀 Meet the Moonshot Team
Most of us here at LooksRare are focused on building out the NFT marketplace and providing you with the tools you need to improve your trading game.
But we’ve put together a small, internal team of heavy hitters, locked them in a room with four pounds of Adderall, and told them to build moonshots: standalone projects that can be rolled out within four- to six-week sprints. It’s a fail-fast, learn-fast kind of deal.
✅ If the moonshot succeeds, great! We’ll build it out into a full product offering. ❌ If it fails, we learn and try something different.
If you took part in LooksRare Raffles over the past week, then you’ve witnessed the Moonshot Team’s inaugural project.
🤔 What Does Any of This Have to Do with the Buyback?
A key feature of moonshots is that they generate fees for the LooksRare protocol.
So, when the fees roll in from these projects, we’re committed to using a large portion of them to buy back LOOKS from the market.
From the first five raffles, we’ve bought back over 550,000 LOOKS ($45k+) — which is equivalent to ~0.1% of the circulating supply. You can check out the transactions here.
Going forward, we’ll let you know about buybacks that have occurred, as well as their details.
🛍️ What are the Benefits of Buybacks?
The more LOOKS tokens that are bought back from the market by LooksRare, the less LOOKS there will be in immediate circulation.
🪙 How Will the LOOKS Tokens Bought From the Market Be Used?
For now, they’ll live in the LooksRare Treasury.